New Capital One credit card offers 5% cashback on all purchases

Shoppers looking for a good deal can now get a credit card that gives back 5 pence for every pound they spend. The card is from a new range launched by Capital One, called Aspire. And for those people that pay their full balance every month it matches the best cashback rewards around with a rate of 5 percent.

The new Aspire World card has no annual fee and the cashback is capped at 5 percent for the first three months if you spend up to £2000. This equates to £100 in your pocket. There is a similar deal from American Express but they charge you £25 annually. When you reach the £2000 limit or the three months then the cashback is on a sliding scale of between ½ a percent and 1.25 percent depending on your balance.

People on incomes higher than £50,000 can qualify for the Aspire Elite which is Capital One’s ‘top of the range’ card. With an annual fee of £120 this pays cashback of 5 percent which is capped at £200 for three months, the equivalent of spending £4000. You have to still be a customer in January 2013 to qualify for the cashback.

If you don’t pay your balance every month you will be hit with interest of 19.9 percent on both these Capital One cards. Santander are currently offering their ‘123’ card which, for an annual fee of £24, pays 1percent on supermarket shopping, 2 percent on store shopping and 3 percent on petrol.

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